Case Details

Honduras Próspera Inc., St. John’s Bay Development Company LLC, and Próspera Arbitration Center LLC v. Republic of Honduras (ICSID Case No. ARB/23/2)

Subject of Dispute:

Real estate projects, insurance, and other services
Economic Sector:

Other Industry
Instrument(s) Invoked:

Investment Agreement (Agreement for Legal Stability and Investor Protection- ("LSA")), CAFTA-DR (Dominican Republic-Central America Free Trade Agreement)
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Honduras Próspera Inc. (U.S.), St. John’s Bay Development Company LLC (U.S.), Próspera Arbitration Center LLC (U.S.)
Respondent(s):

Republic of Honduras (Honduran)
Date Registered:

February 3, 2023
Date of Constitution of Tribunal:

January 29, 2024

Composition of Tribunal

President:

Juan FERNÁNDEZ-ARMESTO (Spanish) - Appointed by the Secretary-General
Arbitrators:

David W. RIVKIN (U.S.) - Appointed by the Claimant(s)
Raúl E. VINUESA (Argentine, Spanish) - Appointed by the Secretary-General

Party Representatives

Claimant(s):

White & Case, New York, NY, U.S.A., Washington, D. C. and Mexico City, Mexico
Respondent(s):

Procuraduría General de la República, Tegucigalpa, Honduras
Foley Hoag LLP, Washington, D.C., U.S.A.
Jana & Gil Dispute Resolution, Santiago, Chile
Status of Proceeding:

Pending
Latest Development:

August 7, 2024 - The proposal for disqualification of arbitrator David W. Rivkin is declined by the Chair of the Administrative Council. The proceeding is resumed pursuant to ICSID Arbitration Rule 22(2).

No References Available.

(a) Original Proceeding

Date	Development
February 3, 2023	The Secretary-General registers a request for the institution of arbitration proceedings.
April 20, 2023	Following appointment by the Claimants, David W. Rivkin (U.S.) accepts his appointment as arbitrator.
November 15, 2023	Following appointment by the Secretary-General, Raúl E. Vinuesa (Argentine/Spanish) accepts his appointment as arbitrator.
January 26, 2024	Following appointment by the Secretary-General, Juan Fernández-Armesto (Spanish) accepts his appointment as presiding arbitrator.
January 29, 2024	The Tribunal is constituted in accordance with Article 37(2)(b) of the ICSID Convention. Its members are: Juan Fernández-Armesto (Spanish), President, appointed by the Secretary-General; David W. Rivkin (U.S.), appointed by the Claimants; and Raúl E. Vinuesa (Argentine/Spanish), appointed by the Secretary-General.
February 19, 2024	The Respondent files a proposal for disqualification of arbitrator David W. Rivkin. The proceeding is suspended in accordance with ICSID Arbitration Rule 22(2).
March 12, 2024	The Claimants file observations on the proposal for disqualification.
March 13, 2024	The arbitrator files a statement regarding the proposal for disqualification in accordance with ICSID Arbitration Rule 22(1).
March 20, 2024	Each party files a response on the other party’s observations.
August 7, 2024	The proposal for disqualification of arbitrator David W. Rivkin is declined by the Chair of the Administrative Council. The proceeding is resumed pursuant to ICSID Arbitration Rule 22(2).